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New Member
Posts: 5
Registered: ‎01-27-2009
0

how does FICO score work for married couples ?

I ran across this article on myFico. 

 

http://www.myfico.com/crediteducation/questions/Marriage-And-Score.aspx?LPID=FICO343&cm_mmc=yesmail-_-newsletter-_-February2010-_-FAQ2

 

It says "For example, if you have a credit card in both of your names and it doesn't get paid on time, that can affect both of your FICO scores – and not in a good way."

 

So if I have a credit card in my name and at a later time give a add on card to my spouse with her name on it, does the balance and history of that card will affect the spouse score as well ?

 

Thanks

Senior Contributor
Posts: 4,294
Registered: ‎05-01-2008
0

Re: how does FICO score work for married couples ?


runlevel0 wrote:

I ran across this article on myFico. 

 

http://www.myfico.com/crediteducation/questions/Marriage-And-Score.aspx?LPID=FICO343&cm_mmc=yesmail-_-newsletter-_-February2010-_-FAQ2

 

It says "For example, if you have a credit card in both of your names and it doesn't get paid on time, that can affect both of your FICO scores – and not in a good way."

 

So if I have a credit card in my name and at a later time give a add on card to my spouse with her name on it, does the balance and history of that card will affect the spouse score as well ?

 

Thanks


Do you mean adding her as an AU? (authorized user)  Depending on the card issuer, they may or may not report this card on her reports.  If they DO report, this will affect you both.

 

If you open a new card as joint users/owners...this will report for & affect the both of you.  *the good and the bad.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
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New Member
Posts: 5
Registered: ‎01-27-2009
0

Re: how does FICO score work for married couples ?

Thanks for your reply. Yes, I meant adding her as AU.

 

Now that I think, is there a difference between a " add-on member vs authorized user"  where they have the same card as primary card holder but the name would be different.

Frequent Contributor
Posts: 498
Registered: ‎01-29-2009
0

Re: how does FICO score work for married couples ?


runlevel0 wrote:

Thanks for your reply. Yes, I meant adding her as AU.

 

Now that I think, is there a difference between a " add-on member vs authorized user"  where they have the same card as primary card holder but the name would be different.


same thing different name Smiley Happy the big difference in a joint account and adding AU is alot of time both report . But say something happens and you cant pay the payments it goes into collections .. an AU can dispute the info on the CR and have it removed and a Joint account both CR's take the hit . 


Starting Score: 680
Current Score: 761 From 12/11/2013
Goal Score: 800


Moderator
Posts: 17,419
Registered: ‎07-14-2009
0

Re: how does FICO score work for married couples ?


runlevel0 wrote:

I ran across this article on myFico. 

 

http://www.myfico.com/crediteducation/questions/Marriage-And-Score.aspx?LPID=FICO343&cm_mmc=yesmail-_-newsletter-_-February2010-_-FAQ2

 

It says "For example, if you have a credit card in both of your names and it doesn't get paid on time, that can affect both of your FICO scores – and not in a good way."

 

So if I have a credit card in my name and at a later time give a add on card to my spouse with her name on it, does the balance and history of that card will affect the spouse score as well ?

 

Thanks


Yes it can help her IF the account is older than any of hers, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. She will inherit the entire history of this account. One caveat however; if this account starts to go south her credit will be affected as well. Keep that in mind.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: how does FICO score work for married couples ?

One thing for sure, each of you all FICO scores won't ever marry.  Smiley Very Happy  Just a little humor. 
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: how does FICO score work for married couples ?

Just make sure that you aren't listed as joint account holders, where each of you are equally responsible for the card, no matter what.

AU (authorized user) is fine.
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